In traditional video games the characters, skins, weapons, and all coding that is done for a game cannot be used for other games. Whereas, crypto gaming allows everyone associated with the game to own a part of the game. When implied to games, characters and other resources might work with other games. Users will be able to transfer their rewards and purchases that are made in-game to other games as well. Because crypto gaming is attracting a lot of media attention and investment interest, it's becoming increasingly vital for gaming investors to understand the specifics of this industry.
What
is Crypto Gaming? | Blockchain game| NFT game
Crypto games or NFT games are technically known as Blockchain games are video games that include elements that use cryptography-based blockchain technologies. Blockchain elements in these games are most often based on the use of cryptocurrency or non-fungible tokens (NFTs) which players can buy, sell, or trade with other players, with the game publisher taking a fee from each transaction as a form of monetization.
In some cases, players of blockchain games have earned enough to pay for costs of living, making these games also known as play-to-earn games. While blockchain games have been available since 2017, blockchain games have only gathered the attention of the video game industry in 2021, with several AAA publishers having expressed strong intent to explore their potential, as well as criticism from players, developers, and companies within the game industry. (Reference Wikipedia)
Traditional games are centralized, which implies that all objects and experiences (XP) earned in one game cannot be transferred to another. By incorporating blockchain technology into crypto games, this is no longer the case. Players may now transfer their awards and equipment between crypto gaming platforms.
Crypto gaming offers a way for players to earn money while playing these games hence the name play-to-earn model and players can do this in a variety of ways. The developers can either create the whole game on a blockchain or they can simply use it for the in-game currency. In the former case, every interaction within the game is verified and stored in the form of new blocks in the blockchain. For the second case, non-fungible tokens or NFTs can be used for in-game digital assets.
Online casino games are also an example of these where betting is combined with cryptocurrencies. This means you can bet with cryptocurrencies like Bitcoin, Ethereum, and Dogecoin instead of actual currencies.
If you are a gamer here’s your crypto gaming starter pack
- A cryptocurrency wallet
- An account with a site that offers crypto gaming
- A device – smartphone, tablet, or computer to play
A few popular crypto games are
Risks of crypto gaming
Everything has to have a few drawbacks and so do crypto games the topmost of this list is security. As cryptocurrencies exist outside of regular financial institutions, they are not subject to many of the safeguards that these institutions provide. Most banks provide insurance to ensure that your money is safeguarded if a hacker gains access to your account.
You are on your own when it comes to protecting these crypto wallets and you will need to take great care to ensure your wallet, and your crypto gaming accounts, are properly protected against loss or theft. You also need to be aware that the protections offered by crypto gaming services providers may be quite limited. It’s all in your hands.
Frost Monk Studios has a collection of video games developed by them that are of various genres ranging from a board game as ludo or a farming game to warfare or battlegrounds combat and even retro racing games. They are very versatile in terms of the genres that they have worked on. Check out their latest game Neon Rider on google play store right now.
Similar blogs:
- https://currency.com/crypto-gaming-is-it-worth-your-time-and-money
- https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/gaming-coins/#:~:text=Crypto%20gaming%20is%20on%20the,popular%20choice%20as%20an%20investment.&text=Players%20can%20use%20the%20game's,crypto%20as%20they%20complete%20tasks.